Woolworths offers shoppers an eclectic mix of products

Apax offered between 50 and 55 pence for each Woolworths share, valuing the company at up to �789m.

Woolworths, a UK High Street stalwart that offers everything from shoe polish to pick-and-mix sweets, has long been a takeover target as sales have dipped.

Apax's move had been widely expected and analysts said investors may be holding out for an offer closer to 60p.

Premium

Woolworths' shares closed at 48p on Tuesday.

They jumped at the end of January after Apax said it was considering making a bid.

However, Woolworths said that when Apax's offer did arrive, it was "subject to a number of pre-conditions including access to the company's financial and trading information".

WOOLWORTHS FACTS The first Woolworths store opened in Liverpool in 1909 In the early 1980s it was bought by Paternoster Stores, the forerunner of Kingfisher It first traded as a listed company in 2001 after its demerger from Kingfisher Woolworths has more than 800 High Street stores, 21 big W outlets and 85 MVC music retail stores

Woolworths said its board had considered the "proposal carefully", but "the range does not provide acceptable value or certainty to justify entering into detailed discussions with Apax".

Founded more than 100 years ago, Woolworths demerged from Kingfisher in 2001.

It recently reported a "disappointing" Christmas, blaming a difficult toy and DVD market.

Woolworths is expected to post pre-tax profits of �68m this year, compared with �66.8m in 2004.

Private equity firms have been snapping up UK assets in recent years, and Apax was part of the consortium that bought out UK women's fashion group New Look.

Apax has investments in more than 335 companies around the world.